This paper develops a tractable consumption-based asset-pricing model in an i.i.d. economy that combines rare consumption disasters with ambiguity aversion implemented as a one-period entropic tilt under CRRA utility. Closed-form expressions for the risk-free rate, equity return moments, and the...

""This primer focuses on both scientific and socio-economic aspects of disasters. The authors have a two-pronged goal: first, to show that potentially destructive ""natural"" events turn into disasters due to a combination of geophysical/scientific and socio-economic factors. And second, to shed...

This paper argues that the Federal Communications Commission (FCC) has outlived the economic and technological conditions that justified its creation. The monopolistic telephone and spectrumscarcity environments of 1934 have been replaced by dynamic, intermodal competition across broadband,...

The 2020 murder of George Floyd sparked mass protests that pushed many institutions, including corporations, to confront racial inequality. From 2020 to 2024, companies issued public statements to align with racial justice causes and protect their reputations from claims that their practices...

Online instruction holds the promise of expanding access to education for disadvantaged groups, yet it often deepens existing performance gaps. This study examines its impact on highstakes exam outcomes, focusing on mechanisms driving differential effects for minority students. We leverage rich...

This paper examines the incidence and determinants of credit rationing and borrower discouragement among Kenyan SMEs using firmlevel data from the 2018 World Bank Enterprise Survey. Only about onequarter of firms report no financing obstacles, while the majority face constraints of varying...

This paper examines the incidence and determinants of credit rationing and borrower discouragement among Kenyan SMEs using firmlevel data from the 2018 World Bank Enterprise Survey. Only about onequarter of firms report no financing obstacles, while the majority face constraints of varying...